Question
In: Accounting
The City of Oxbow General Fund has the following net resources at year-end: $253,000 unexpended proceeds...
The City of Oxbow General Fund has the following net resources at year-end: $253,000 unexpended proceeds of a state grant required by law to be used for health education. $13,000 of prepaid insurance. $603,000 rainy day fund approved by city council for use under specified circumstances. $202,000 budget stabilization fund to be used in the event of revenue shortfall. $279,000 provided for contractual obligations for capital projects. $29,000 unexpended proceeds of a tax required by law to be used for emergency 911 services. $1,625,000 total fund balance. Required: Prepare the fund balance section of the Balance Sheet.
Solutions
Expert Solution
For the City of Oxbow - General Funds
| Particulars | General Fund (In $) |
| Fund Balances : | |
|
Non-spendable : |
|
| Principal Fund | - |
| Long Term Loans | - |
| Prepaid Insurance | 13,000 |
| Restricted For : | |
| State Grant for Health Education | 253,000 |
| Tax collected for Emergency 911 services | 29,000 |
| Rain Day Fund | 603,000 |
| Budget Stabilization Fund | 202,000 |
| Committed To : | |
| Contractual Obligations of Capital Projects | 279,000 |
| Assigned To : | |
| Unassigned : | 246,000 |
| Total Fund Balance | 1,625,000 |
ekkarill92 answered 2 years agoRelated Solutions
The City of Comstock had a total General Fund balance of $1,400,000 at the end of...
The City of Comstock had a total General Fund balance of
$1,400,000 at the end of its fiscal year. The year end balance
sheet reports inventory of material and supplies of $60,000. City
Council passed an ordinance that all revenue received from hotel
occupancy taxes must be used for beautification projects in the
City. The City received $280,000 in hotel occupancy taxes and spent
$225,000 on beautification projects this year. The City received a
Federal grant of $120,000 for specifically...
The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise...
The City of Pfeiffer starts the year of 2017 with the general
fund and an enterprise fund. The general fund has two activities:
education and parks/recreation. For convenience, assume that the
general fund holds $123,000 cash and a new school building costing
$1 million. The city utilizes straight-line depreciation. The
building has a 20-year life and no salvage value. The enterprise
fund has $62,000 cash and a new $600,000 civic auditorium with a
30-year life and no salvage value. The...
The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise...
The City of Pfeiffer starts the year of 2017 with the general
fund and an enterprise fund. The general fund has two activities:
education and parks/recreation. For convenience, assume that the
general fund holds $144,000 cash and a new school building costing
$1,180,000. The city utilizes straight-line depreciation. The
building has a 20-year life and no salvage value. The enterprise
fund has $65,000 cash and a new $360,000 civic auditorium with a
30-year life and no salvage value. The enterprise...
A closed-end fund starts the year with a net asset value of $21 . by year-end...
A closed-end fund starts the year with a net asset value
of $21 . by year-end , NAV equals $20.5 . At the beginning of the
year , the fund is selling at a 3% premium to NAV. By the end of
the year, the fund is selling at a 4% discount to NAV . the fund
paid year-end distributions of income and capital gains of 2.50$ .
what is the rate of return to an investor in the fund...
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2020:
Beginning balances were: Cash, $109,000; Taxes Receivable,
$213,500; Accounts Payable, $64,250; and Fund Balance,
$258,250.
The budget was passed. Estimated revenues amounted to
$1,390,000 and appropriations totaled $1,384,200. All expenditures
are classified as General Government.
Property taxes were levied in the amount of $995,000. All of
the taxes are expected to be collected before February 2021.
Cash receipts totaled...
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2017:
Beginning balances were: Cash, $90,000; Taxes Receivable,
$185,000; Accounts Payable, $50,000; and Fund Balance,
$225,000.
The budget was passed. Estimated revenues amounted to $1,200,000
and appropriations totaled $1,198,000. All expenditures are
classified as General Government.
Property taxes were levied in the amount of $900,000. All of the
taxes are expected to be collected before February 2018.
Cash receipts totaled...
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2017:
1. Beginning balances were: Cash,
$90,000; Taxes Receivable, $185,000; Accounts Payable, $50,000; and
Fund Balance, $225,000.
2. The budget was passed. Estimated
revenues amounted to $1,200,000 and appropriations totaled
$1,198,000. All expenditures are classified as General
Government.
3. Property taxes were levied in the
amount of $900,000. All of the taxes are expected to be collected
before February 2018....
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2020:
Beginning balances were: Cash, $105,000; Taxes Receivable,
$207,500; Accounts Payable, $61,250; and Fund Balance,
$251,250.
The budget was passed. Estimated revenues amounted to
$1,350,000 and appropriations totaled $1,345,000. All expenditures
are classified as General Government.
Property taxes were levied in the amount of $975,000. All of
the taxes are expected to be collected before February 2021.
Cash receipts totaled...
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2020:
Beginning balances were: Cash, $100,000; Taxes Receivable,
$200,000; Accounts Payable, $57,500; and Fund Balance,
$242,500.
The budget was passed. Estimated revenues amounted to
$1,300,000 and appropriations totaled $1,296,000. All expenditures
are classified as General Government.
Property taxes were levied in the amount of $950,000. All of
the taxes are expected to be collected before February 2021.
Cash receipts totaled...
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2020:
Beginning balances were: Cash, $93,000; Taxes Receivable,
$189,500; Accounts Payable, $52,250; and Fund Balance,
$230,250.
The budget was passed. Estimated revenues amounted to
$1,230,000 and appropriations totaled $1,227,400. All expenditures
are classified as General Government.
Property taxes were levied in the amount of $915,000. All of
the taxes are expected to be collected before February 2021.
Cash receipts totaled...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Why does a particular codon represent only one specific amino acid?
- Write a function template sort that takes two references to generic objects and switches them if...
- What 2 things happen to the melting point of a solid when an impurity is present?
- How Can Hominin Evolution be characterized as " mosaic evolution" Use examples of species from the...
- Absorption and Variable Costing Income Statements for Two Months and Analysis During the first month of...
- Mobile and wireless devices are being increasingly used in the Business Administration and Management Industry. write...
- What are the options that might be considered in relation to introducing flexible work practices? What...
ADVERTISEMENT